Pay off the mortgage...or not? - Page 16

winamac1 · ‎12-29-2010

On 3/15/2015 Kalli said:
On 3/15/2015 winamac1 said:
On 3/14/2015 Kalli said:
On 3/14/2015 winamac1 said:
On 3/14/2015 Kalli said:
On 3/14/2015 winamac1 said:
On 3/13/2015 Kalli said:
On 3/13/2015 shwarma said: Every financial adviser has said..when you retire try to have zero debt.

If you have enough retirement income to cover your debt, it's not necessary to be debt free at retirement.

(referenced from schwab dot com)

It may not be "necessary", but I'm sure it's preferred.

Not for all folks. If you have an investment strategy that's worked for you all along, why would you stop using it just because you've retired?

Sorry...I disagree. So does Dave Ramsey.

From what I've read here, Dave Ramsey's way of doing things is right for you. It's not right for us. There is more than 1 way to invest and grow financially.

It looks to me like you view debt as a negative thing and we view it as an opportunity to grow our assets and increase our investments. We've been doing this for all our married life and it's worked....far surpassing what we ever dreamed.

I'm taking early retirement next year. We'll keep investing because it's allowing us to grow. You don't have children, and maybe if we were in your shoes, our goal would be to spend every last penny we earned by the time we die. But we have 2 grown sons. We're positioning ourselves to pass this investment model on to them when the time is right, God willing.

Your goals are different than ours. Doesn't make us wrong.

Where did I say you were "wrong"? That verbiage was never used. I simply stated I agree with Dave Ramsey and our financial planner does as well.

Yes, everyone's goals are different. I do view debt as a negative thing. It's my choice to view it that way.

You've made no secret of the fact that you disagree with our form of investing, not just on this thread but previously. You even said we were spending a dollar to make 30 cents. I've posted repeatedly that this is not the case, that there's another way to look at investments. We can debate semantics all you want but read your own responses above....

So, now, are you saying that our way of investing is right for us???

Release the balloons and throw the confetti!!

You seriously are like a dog with a bone.

"friends don't let friends drink white zinfandel"

Annabellethecat66 · ‎03-12-2010

It totally depends on your income. Some people don't need the deductions you get from having a mortgage. Some people can't use it.

Actually my investment broker earned me 18% interest this past year. I don't have a mortgage (if you live in a house long enough you usually pay it off if you don't borrow on it).

My late husband believed in making your money work for you. It doesn't pay to put money in savings accounts because you don't get very much interest.

On the other hand my husband used to also say to me when I'd asked him if he'd invest money that my friends wanted him to invest. He'd say, "Do they have money they don't need? Do they have money that if they lost it they would be sad, but they don't need it to survive?" Unless the answer is Yes then tell them I won't invest their money".

There is no such thing as a 'sure thing'.

It totally depends on a person's life-style, income, outcome, etc.

No one can make a decision for another person. Period.

You guys argue about everything and anything. Unless you live with this OP you have no idea on how to advise them.

Stop arguing about something so subjective.

Kalli · ‎03-11-2010

On 3/15/2015 annabellethecat said:
It totally depends on your income. Some people don't need the deductions you get from having a mortgage. Some people can't use it.

Actually my investment broker earned me 18% interest this past year. I don't have a mortgage (if you live in a house long enough you usually pay it off if you don't borrow on it).

My late husband believed in making your money work for you. It doesn't pay to put money in savings accounts because you don't get very much interest.

On the other hand my husband used to also say to me when I'd asked him if he'd invest money that my friends wanted him to invest. He'd say, "Do they have money they don't need? Do they have money that if they lost it they would be sad, but they don't need it to survive?" Unless the answer is Yes then tell them I won't invest their money".

There is no such thing as a 'sure thing'.

It totally depends on a person's life-style, income, outcome, etc.

No one can make a decision for another person. Period.

You guys argue about everything and anything. Unless you live with this OP you have no idea on how to advise them.

Stop arguing about something so subjective.

annabellethecat, I actually thought you would weigh in sooner here because from things you've said in the past, I thought maybe you and your DH had used an investment strategy similar to the one we're involved in.

Anyway, you are right....only the OP knows what's right for her.

Vamp · ‎04-14-2010

On 3/15/2015 winamac1 said:
On 3/15/2015 Vamp said:
I can vouch for Winamac. Not a mean bone in her body ${#emotions_dlg.wub}$

Thanks Vamp! . I seriously think my husband was talking about the lousy rain, lol, when I posted my response. I saw it this morning and deleted my post in 'horror' lol. What was I thinking?? Anyway, hope you are having a great weekend!

Thanks--Hope you had a good weekend, too. We've been having gorgeous weather and most of the snow is melted. *Doing the happy dance* Hope you get some good weather coming your way, too. We deserve it after last month!

AngelPuppy1 · ‎03-13-2010

winamac: No, I did not see it was deleted. Otherwise I would never have responded. I just saw your comment.

"A day without sunshine is like, you know, night." - Steve Martin

adoreqvc · ‎03-09-2010

If it can be afforded pay it off.

There really is nothing like never having mortgage payments to pay ever again.

winamac1 · ‎12-29-2010

On 3/16/2015 AngelPuppy1 said:
winamac: No, I did not see it was deleted. Otherwise I would never have responded. I just saw your comment.

That's so odd. I didn't notice your response until after I had deleted it (and I looked for a response) and I was happy that you hadn't "seen" my error. I would have stated to you , right after I posted it, that I made a mistake and deleted something.

Anyway, as you know it was a mistake.

"friends don't let friends drink white zinfandel"

AngelPuppy1 · ‎03-13-2010

winamac1: No problem. It's all good!

"A day without sunshine is like, you know, night." - Steve Martin

Ibby114 · ‎03-10-2010

On 3/15/2015 annabellethecat said:
As far as itemizing deductions, all of that depends on your income. You can only itemize an amount equal to your income, etc.

Again, a financial advisor could better advise you.

It's a major red flag to the IRS if you itemize deductions even close to your income!

MarieIG · ‎03-10-2010

On 3/15/2015 AGV said: Yesterday, we spoke to a friend who is also an attorney who specializes in estate planning. We were just talking to him about whether or not it was the right thing for us to do to pay off the mortgage. Out of the blue, DH stated that he wanted to draw up paperwork to make the house mine in case of a divorce (I had never mentioned to him that I had concerns about using my inheritance money). I was shocked. I asked him why he wanted to do this and he said...I don't ever plan on us getting divorced, but I want you to protect your inheritance. The attorney said that there would be no problem with this and agreed with DH that this was the right thing to do. Wow...I'm really glad we had that meeting.

Problem solved!

Do the math.